Wednesday, December 18

Tag: UBS

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
26Nov By adminNo Comments
Money

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

Updated Nov. 26, 2023 12:02 am ETIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for.  The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit
26Nov By adminNo Comments
World

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

Nov. 25, 2023 11:00 pm ETIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for.  The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
UBS Spared $2 Billion in Penalties After French Supreme Court Calls for New Trial in Tax Case
16Nov By adminNo Comments
Money

UBS Spared $2 Billion in Penalties After French Supreme Court Calls for New Trial in Tax Case

Updated Nov. 15, 2023 11:13 am ETUBS Group won’t have to pay around $2 billion after the French Supreme Court partly overturned a decision from a lower court that had fined the bank in a long-running tax-fraud case, but confirmed a ruling that the bank had helped wealthy clients in France evade taxes.The latest ruling, announced Wednesday by the Supreme Court, effectively rescinds the financial penalties imposed on UBS in December 2021.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
How a Banking Capital of the World Botched Its Own Banking Rules
8Nov By adminNo Comments
Money

How a Banking Capital of the World Botched Its Own Banking Rules

Updated Nov. 8, 2023 12:54 am ETListen to article(2 minutes)Switzerland wanted its big banks to be fortresses. In practice, the country’s “too big to fail” banking laws made a sand castle of Credit Suisse.The Swiss rules in question have become an object lesson in the difficulties of designing financial regulation. Created to prevent a repeat of the 2008 financial crisis bailouts, Switzerland’s customized version of international capital requirements laid the groundwork for the biggest bank rescue since.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
UBS’s Takeover of Credit Suisse Was a Steal. Now Comes the Bumpy Part.
7Nov By adminNo Comments
Money

UBS’s Takeover of Credit Suisse Was a Steal. Now Comes the Bumpy Part.

UBS’s first loss in nearly six years shouldn’t make investors take their eyes off the road.While the Swiss bank said Tuesday that third-quarter net income was a negative $785 million—almost twice as large as the median analyst forecast—its shares rose about 3% in early trading. Investors are wise to look through the fog and see that this was another set of encouraging figures.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More
UBS Group Swings to Net Loss as Credit Suisse Costs Weigh
7Nov By adminNo Comments
World

UBS Group Swings to Net Loss as Credit Suisse Costs Weigh

Updated Nov. 7, 2023 1:51 am ETUBS Group swung to a wider third-quarter net loss than analysts had expected after costs related the integration of Credit Suisse cut into the bank’s earnings.The Swiss bank said Tuesday that its net loss was $785 million compared with $1.73 billion in net profit in the prior year, despite revenue rising 42% to $11.695 billion.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Read More